Hi Traders, both the EUR/USD and GBP/USD made bearish breakouts and are currently building bullish pullbacks. Chris discusses his trade ideas for shorting both pairs.
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The EUR/USD remains bearish as long as price stays below the broken support zone of 1.1180-1.1200. A bearish bounce and breakout seems likely when considering the strong dowtrend.
The GBP/USD also shows a bearish breakout below the support of the descending wedge pattern. The Cable made a bullish zigzag correction, which seems to be bouncing at the 144 ema resistance.
Check out the video below for the full analysis and trade plans on 28 – 29 April 2019:
EUR/USD, GBP/USD technical analysis
Review of patterns, trends, key S&R levels
Explanation of potential trade ideas both up and down
Beginner friendly, explaining concepts in more detail